US Secures Access to Venezuela's Vast Oil Reserves

US President Donald Trump announced on social media that his administration has entered into an agreement with Venezuela, giving the US access to vast amounts of oil reserves. The deal involves the development of 17 fields with a proven potential of 65 billion barrels, and could draw $100 billion in investment into Venezuela's oil industry.

The agreement allows for the creation of a new private company that would take hold of the reserves, with the US partnering with an unnamed operator. The US would have a 55% effective output of the new company, including ownership stakes and rights to buy oil at cost.

The deal comes nearly nine months after the US military operation to capture Venezuelan President Nicolás Maduro. Trump has argued that his administration has brought stability to Venezuela, which had nationalized hundreds of foreign-owned assets, including those owned by American oil companies.